Pocket Money for Kids

Using bribery pocket money as a starting point you can develop important life skills.

But seriously, children need to know that money comes into the household through working and that it is not a limitless supply. If their pocket money has limits, then they can begin to learn to budget, save and think about how they want to spend the money.

Children watch and learn all the time so start as soon as you can by modelling money skills. Let children handle money and use the language of money when talking to them about shopping, or even a trip to the cash machine. In these days of credit cards and internet banking, using money can often be "invisible" to children.

They will also begin to learn that there are some jobs they are expected to do in the family for free, although there may well be others that offer financial reward. Different families have different ideas about pocket money and also can afford different amounts. It is worth considering this issue carefully and working out how much you can afford. It can be a really good teaching tool, if care is given to talk about money, and money is discussed on a regular basis.

Here are some suggestions from Nicky, a Mom who Matters:

You can focus on basically any area where the kids need encouragement, plus of course, their homework - but they have to sit down and do it without moaning and groaning.…. basically it is to make the mom’s life easier – even if it is with bribery!

My son even gets a extra 50c if he comes home with a star on his head which means that he has been listening and working well in class – it works like a charm and the poor little guy freaks out if he his star falls off during sports and can’t prove it to me. The teacher is thrilled with his behaviour too.

My kids earned R11,50 each last week BUT I think the impact is to actually give them the cash for themselves to keep and work out what they want to spend it on. I am going to get change today so that I can sort them out. Hard cash is going to make my life easier.

Plus it does actually save money as previously they wanted a chocolate or MacDonald’s toy, etc and now I say sure – with your money – and now they don’t really want it. I save!